The digital currency Chainlink has recently witnessed a remarkable upswing in its market value, trading above the significant mark of $12.50 for the first time in over nineteen months. This notable milestone underscores the heightened investor interest and the perceived long-term value in the blockchain-facilitated technology platform renowned for bridging smart contracts with real-world data.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing the latest insights on the market dynamics following the recent LINK surge.
📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D
— Santiment (@santimentfeed) November 5, 2023
As the weekend market dynamics turned bullish, Chainlink’s standing as a promising investment among cryptocurrencies was further solidified by the substantial increase in dedicated wallet holders. Specifically, the number of wallets containing a minimum of 1,000 LINK has reached a groundbreaking high, totaling 27,152. This surge reflects a confidence boost among existing investors and suggests a growing community of new stakeholders significantly investing in the platform’s potential.
This accumulating interest is quantified by the addition of 1,474 wallets in a span of merely two months, each portfolio swelling to hold assets exceeding the value of $12,150. The ascendance in wallet counts coincides with an impressive price rally of nearly double in the same period, marking a 97% price increase and setting a vibrant tone for Chainlink’s market prospects.
Chainlink token has been seeing an impressive increase in price as more buying momentum floods the market. Over the past week, LINK has been trading above the $12 resistance level, with a surge of more than 14% in value. This bullish trend has been fueled by the growing adoption of Chainlink’s technology, leading to increased demand and a steady rise in price.
At the time of writing, LINK is trading at $12.42 after hitting a high of $12.52 on the weekend, a level not seen since April 2022. In the past 24 hours, Link has seen an impressive increase of over 3%, further solidifying its position as a top-performing cryptocurrency. The current market capitalization of LINK stands at $7.03 billion, ranking it in the top 12 cryptocurrencies by market cap. The 24-hour trading volume has also reached a notable high of $692 Million, emphasizing the popularity and active trading of LINK tokens.
The daily technical indicators also support the bullish sentiment, with moving averages signaling strong buying momentum and MACD (Moving Average Convergence Divergence) indicating a clear uptrend. The MACD line and the signal line are above the zero line, further reinforcing the positive market sentiment. The relative strength index (RSI) is also near the overbought territory at 78, suggesting that the market may continue to see bullish activity. The 20-EMA (Exponential Moving Average) has also crossed above the 50-EMA, indicating a strong bullish trend and potential for further price gains.
